Technology Stocks Lead U.S. Futures Higher as Investors Weigh Catalysts

U.S. stock futures climbed Monday, led by technology stocks, as lower oil prices offered relief after a weak week for AI investments and investors watched for potential market catalysts.

Investors were focused on October manufacturing data, Apple earnings and the U.S. midterm elections, all expected this week.

Daniel Kirsche, Jefferies International’s head of technical analysis and strategy, said weakness in large technology stocks supported his view that market gains were broadening and funds were rotating. Friday’s sell-off raised questions for him about the outlook. Kirsche said he had expected a recovery late in the fourth quarter, driven by improving market breadth, with technology stocks eventually joining the advance.

Mike Wilson, Morgan Stanley’s chief U.S. equity strategist, said the correction that began in June was nearing its final stage and market breadth was improving. Wilson also pointed to potential events that could trigger another decline and create opportunities for investors to add positions.